Saudi Aramco CEO Calls for Realistic Energy Transition, Criticizes Current Strategies
Saudi Aramco CEO Amin Nasser, at the CERAWeek by S&P Global energy conference, criticized current energy transition strategies as unrealistic, urging a reevaluation of the phase-out of oil and gas. He highlighted the persistent global demand for fossil fuels, the minimal impact of renewables on the global energy mix, and the significant role of hydrocarbons, especially in developing nations. Nasser advocated for a balanced approach, focusing on emissions reduction in oil and gas while gradually integrating new energy sources. (CNBC)
Gas Prices Rise Again, Challenging Inflation Reduction Efforts
Gas prices in the U.S. have escalated, with the national average reaching $3.47 per gallon, surpassing last year’s figures. This increase, attributed to routine refinery maintenance, extreme winter conditions, and drone attacks on Russian oil facilities, complicates inflation control efforts. While not predicted to reach the record highs of mid-2022, this trend has delayed hopes for Federal Reserve interest rate cuts and is causing economic strain, particularly as OPEC+ maintains production cuts. (CNN)
U.S. Home Builders’ Confidence Surges Amid New Construction Demand
The U.S. housing market sees a boost in builders’ confidence, reaching its highest level since July, as reported by the National Association of Home Builders/Wells Fargo Housing Market Index. The index rose to 51 in March, its fourth consecutive monthly increase, surpassing economists’ expectations. This positive shift is driven by heightened demand for new homes amidst a shortage of existing properties. However, challenges like supply shortages and rising building costs remain, even as mortgage rates show signs of decline. (Fox Business)
Excitement is brewing within the SHIB community as Shiba Inu team member Lucie recently shared a significant update regarding the SHIB Metaverse. The recent update provides insights into the progress and direction of the SHIB Metaverse project, giving the community a glimpse into what lies ahead.
In a tweet, Lucie shared her excitement for the next sneak peek into the Shiba Inu metaverse, hinting at major plans, of which the upcoming token TREAT will be a major part.
“Can’t wait for the next sneak peek. ShibTheMetaverse has huge plans, and treats for Shib are a big part of it,” Lucie posted alongside a short video clip.
TREAT, an upcoming Shiba Inu ecosystem token, is developed to serve multiple purposes, which include providing rewards for SHIB: The Metaverse.
TREAT is also expected to provide liquidity to the SHI stablecoin, eventually replacing the BONE token as the reward token for ShibaSwap and also provide rewards for the blockchain version of the Shiba Inu-themed collectible card game Shiba Eternity.
While further details about the recent update remain scarce, the Shiba Inu community remains eager to see how the SHIB Metaverse will unfold and what opportunities it will present for SHIB holders.
Shiba Inu price rebounds
At the time of writing, Shiba Inu was trading at $0.00002798, up 4.13% in the last 24 hours. The surge comes as a relief for the SHIB price, which saw two consistent days of declines over the weekend. SHIB remains down 18.29% in the last seven days.
Shiba Inu’s large transaction volume has also seen a 37.95% increase in the last 24 hours to $363.17 million, per IntoTheBlock data.
Large Transaction Volume estimates the total amount transacted by whales and institutional players on any given day. Spikes in large transaction volumes indicate increased activity among institutional players – either buying or selling.
In this regard, 12.18 trillion SHIB represented large transaction volumes in the last 24 hours.
When you first start learning about cryptocurrencies, the question always arises: ‘How do you invest in DeFi?’ Well, the first thing you have to do is understand crypto predictions and find your winning token. While established projects and viral trends often dominate headlines, discerning investors must delve deeper into identifying projects with genuine utility and a robust roadmap for success.
This article compares three distinct players in the Decentralized Finance (DeFi) arena – Scorpion Casino (SCORP), Floki Inu (FLOKI), and Bitbot – to assess their unique value propositions and potential impact on investors seeking to invest in DeFi.
SCORP Is Doing So Well They Are Giving It Away!
Scorpion Casino is a new GameFi platform that is the talk of the town and has often been touted as the next best crypto gambling destination. By merging the thrill of traditional casino games with the innovative power of DeFi, Scorpion Casino offers investors compelling opportunities to invest in DeFi through a fun and engaging experience.
Scorpion Casino boasts a massive library of more than 210 online casino games, encompassing classic favourites like slots and blackjack alongside live dealer tables and virtual sports. This extensive selection is expected to expand upon launch, offering over 30,000 monthly betting opportunities catering to diverse gaming preferences.
The project’s impressive presale success, exceeding $7.5 million, underscores the strong market sentiment surrounding Scorpion Casino. This fundraising achievement, coupled with initiatives like the $250,000 giveaway, positions SCORP as a frontrunner in the crypto gaming sector.
Floki Inu (FLOKI): A Flash in the Pan or Long-Term Player?
Floki Inu (FLOKI) has recently captured investor attention with a staggering 212% price increase over the past week, propelling it to a three-year high. This surge has reignited interest in the memecoin space, leaving many investors wondering if this is just the beginning of another bull run for these often-volatile digital assets.
While FLOKI’s recent performance is undeniable, it’s crucial to remember the inherent volatility associated with meme coins, whose value is often driven by social media trends and hype rather than tangible utility. Unlike projects with robust ecosystems and long-term roadmaps, meme coins are susceptible to rapid price fluctuations, making them a riskier proposition for investors seeking stability in their DeFi portfolios.
Bitbot: Automating DeFi – A Boon or Bane?
Launched in 2023, Bitbot presents a unique proposition within the DeFi landscape. This non-custodial Telegram trading bot utilizes artificial intelligence (AI) to automate cryptocurrency trading strategies. Bitbot’s core functionalities include buying low and selling high on undervalued coins and replicating seasoned investors’ trades. While Bitbot offers a potentially attractive solution for novice investors, the inherent risks associated with automated trading strategies cannot be understated.
The AI algorithms powering Bitbot’s trading decisions are not failsafe, and market fluctuations can lead to significant losses. Furthermore, Bitbot’s non-custodial nature means users retain complete control over their assets, potentially exposing them to security vulnerabilities if proper precautions are not taken. For investors seeking to invest in DeFi with a more measured approach, Bitbot’s automated features may introduce unnecessary risk.
While Floki Inu (FLOKI) capitalizes on the current memecoin trend, its long-term viability r still needs to be determined. Bitbot’s automated trading features may appeal to some investors, but the associated risks require careful consideration. On the other hand, Scorpion Casino ($SCORP) presents a compelling proposition for investors seeking a well-rounded DeFi project with a clear roadmap and strong community backing.
Want to know more about the Scorpion Casino presale? Check out the links below
German investor morale improved as economic expectations pick up ahead of the ECB’s anticipated first rate cut. Current conditions also got better but the overall economic situation remains at a very low level, notes ZEW.
This article was written by Justin Low at www.forexlive.com.
The Japanese yen is showing limited movement to start off the week. In the European session, USD/JPY is trading is almost unchanged at 149.07.
Will the BoJ Raise Rates on Tuesday?
The Bank of Japan will make its rate announcement on Tuesday and there is a strong possibility that the BoJ will lift interest rates out of negative territory. This would mark a sea-change in policy as the last rate hike occurred in 2007.
Japan is experiencing inflation after years of deflation, and speculation has been rising that the BoJ will pivot after years of an ultra-accommodative monetary policy. Governor Ueda has repeatedly stressed that the BoJ will not tighten until wage growth rises, as that would be evidence that inflation is sustainable.
The annual wage negotiations indicate a massive victory for workers, with wages set to rise as much as 5.2%. This could well be the signal that Ueda needs to hit the rate-hike trigger. The key question is whether the BoJ will raise rates on Tuesday or wait until April, which would provide the central bank with more data before making such a critical decision.
It’s a close call as to whether the BoJ will make the move on Tuesday or wait until April. Goldman Sachs is expecting that the BoJ will raise rates and also abolish its yield curve control policy which it uses to target interest rates levels.
If the BoJ raises rates, the yen will likely move higher. Even if the central bank stands pat, with expectations of a possible move at a fever pitch, we can expect volatility from the yen after the meeting.
Hold tight for what should be a busy Tuesday.
USD/JPY Technical
USD/JPY put pressure on resistance at 149.47 earlier. Above, there is resistance at 149.88 148.75 and 148.34 are providing support
ZURICH (Reuters) – The Swiss National Bank sold foreign currency worth 132.9 billion Swiss francs ($149.51 billion) in 2023, the central bank said on Tuesday, showing its increased emphasis on supporting the Swiss franc as a shield against imported inflation.
The figure was a massive increase from 22.3 billion francs in foreign currencies sold by the SNB in 2022, when the bank started selling off some of its huge foreign currency holdings.
The SNB’s strategy has paid off, with Swiss inflation within its 0-2% target range for last nine months.
“The SNB’s foreign currency sales contributed to the Swiss franc initially appreciating roughly in line with inflation differentials against other countries,” the SNB said on Tuesday.
“In doing so, they prevented a weakening of the Swiss franc in real terms and thus helped in tightening monetary conditions,” it added. “Towards the end of the year, the inflation rate fell significantly.”
The SNB said it would no longer focus on foreign currency sales after achieving its goal. The central bank is due to announce its next monetary policy decisions on Thursday.
In its policy meeting earlier, the Bank of Japan ended its negative interest rate policy and scrapped yield curve control, weakening the Japanese Yen.
In a widely expected move, the Bank of Japan has raised its interest rate for the first time since 2007 to end its negative interest rate policy, although the Bank continues to describe its approach as “accommodative”. Japan’s interest rate now stands between 0.0% and 0.1%. The Bank also ended its yield curve control policy. The Yen has weakened as a result, although attention now will be turning to Ueda’s upcoming speech as European markets start to come online. The main Japanese stock market index the Nikkei 225 has risen to trade above 40,000 and is not far from its all-time high made just a couple of weeks ago.
As expected, the Reserve Bank of Australia left its Policy Rate unchanged at 4.35% and made what is widely seen as a dovish tilt by removing language from its statement which suggested that a further rate hike could not be ruled out. The Australian Dollar has been notably weaker following this announcement.
In the Forex market, the US Dollar has been the strongest major currency since the Tokyo open today. The Japanese Yen has been the weakest. This puts the USD/JPY currency pair in focus, although its implied volatility for the coming year has dropped following the Bank of Japan’s earlier rate hike.
Bitcoin is looking bearish after making a new all-time high last Thursday just below $74,000. Trend traders may be considering exiting any long trades.
In the commodities market, Cocoa futures rose again yesterday to reach a new multi-year high before closing lower. Trend traders will be keen to be involved in this very long-running trend on the long side.
There will be a release of Canadian CPI (inflation) data later today which is expected to show a 0.6% increase over the past month.
An improving housing market could fuel consumer confidence, spending, and demand-driven inflation. According to the CME FedWatch Tool, the chances of a 25-basis point June Fed rate cut decreased from 55.2% to 50.7%.
10-year US Treasury yields increased by 0.32%, ending the day at 4.324%. However, the US markets ignored rising yields and falling bets on an H1 2024 Fed rate cut. On Monday, the Dow ended the day up 0.20%. The Nasdaq Composite and S&P 500 saw gains of 0.82% and 0.63%, respectively.
The Monday Market Movers
Auto stocks were among the front runners. Porsche rallied 2.26%, with Volkswagen gaining 1.44%. Mercedes Benz Group and BMW ended the session up 0.36% and 0.28%, respectively.
Vonovia recovered some of the losses from Friday, gaining 3.13%. The German real estate firm reported its largest-ever loss in 2023, sending the share price down 10.07% on Friday.
Tech stocks also limited the downside. Infineon Technologies and SAP ended the day up 0.28% and 0.17%, respectively.
However, Adidas slid by 2.39%, with bank stocks ending the session in negative territory. Commerzbank and Deutsche Bank declined by 0.38% and 0.90%, respectively.
German and Eurozone Economic Sentiment in the Spotlight
On Tuesday, ZEW Economic Sentiment figures for Germany and the Eurozone need investor consideration. Improving sentiment toward the German and Eurozone economies could support demand for DAX-listed stocks.
Economists forecast the German ZEW Economic Sentiment Index to rise from 19.9 to 20.5 in March. Moreover, economists predict the Eurozone ZEW Economic Sentiment Index to increase from 25.0 to 28.0 in March.
Beyond the numbers, ECB commentary also warrants investor attention. ECB Executive Board member Luis de Guindos is on the calendar to speak. Views on inflation, the economic outlook, and the timeline for an ECB rate cut would move the dial. The markets are betting on a June ECB rate cut.
US Economic Calendar: US Housing Sector in the Spotlight
On Tuesday, US housing sector data will garner investor attention. Building permits and housing start numbers for February could influence sentiment toward the US economy. Economists consider the housing sector a leading indicator of the US economy.
Economists forecast building permits to decline by 0.2% and housing starts to increase by 7%. In January, building permits and housing starts fell by 0.3% and 14.8%, respectively.
Short-term Forecast
Near-term trends for the DAX will hinge on euro area economic indicators and the Fed interest rate decision.
Better-than-expected euro area data could drive buyer demand for DAX-listed stocks. However, a less dovish Fed rate path could pressure riskier assets.
In the futures, the DAX and Nasdaq mini were down 47 and 43 points, respectively.
DAX Technical Indicators
Daily Chart
The DAX hovered well above the 50-day and 200-day EMAs, sending bullish price signals.
A breakout from the March 14 all-time high of 18,039 could support a move toward the 18,200 level.
Economic data from the euro area, ECB chatter, and US housing sector data need investor consideration.
However, a fall through the 17,900 handle could give the bears a run at the 17,750 handle.
The 14-day RSI at 74.47 shows the DAX in overbought territory. Selling pressure could intensify at the March 14 high of 18,039.
Meme coins have made crypto trading accessible to younger retail investors with their low prices. Investors can acquire thousands or even millions of these tokens with just a few dollars, offering the potential for significant gains. In 2024, these tokens are among the winners of the market bull run, with their total market cap reaching$48 billion in the beginning of March.
It all began with the phenomenon of “meme stocks” like GameStop and AMC Entertainment experiencing dramatic price increases, fueled by the Reddit community WallStreetBets in late 2020.
In January 2021, the Reddit group suggested boosting the price of Dogecoin to mirror the success of GameStop. This idea gained traction, amplified by endorsements from Musk, leading to a rapid surge by 2,000% in Dogecoin’s value.
Currently, over 1,300 cryptocurrencies are presented in the CoinMarketCap meme coin section. Dogecoin, the first ever meme coin, and Shiba Inu, the self-styled “Dogecoin killer,” are the top market performers in terms of market cap, leaving the rest of the tokens far behind.
A recent post by the Shiba Inu lead on the X platform suggests strong ambitions on SHIB’s side:
Dogecoin: First meme coin
Billy Marcus and Jackson Palmer launched Dogecoin (DOGE) in 2013 as a jest at Bitcoin. Dogecoin was created based on a meme based on the Japanese hunting dog Shiba Inu.
It was initially designed with a hard supply capitalization of 100 billion coins. However, the creators removed this limit to discourage hoarding and speculation. With an unlimited supply, Dogecoin lacks scarcity, which can impact its perceived value.
Unlike Bitcoin, which has a fixed supply of 21 million coins, Dogecoin’s unlimited nature may lead investors to view it differently, not as a store of value but rather as a medium of exchange or a means of tipping and donations.
Dogecoin remained relatively stagnant from December 2013 to December 2020. Its trading volume surpassed Bitcoin and other cryptocurrencies combined in January 2014. However, it hit its lowest price of $0.0000869 on May 6, 2015. In early 2018, Dogecoin experienced a brief price increase before the overall crypto market crash.
In January 2021, Elon Musk’s remarks led to a 339% surge in Dogecoin’s value to $0.032642. Its highest price of $0.682 was reached on May 8, 2021. Despite celebrity endorsements, Dogecoin’s adoption for business transactions remains limited.
In the last month, DOGE’s price has surged by 105.06%, gaining an impressive average of $0.18.
Shiba Inu, introduced in August 2020 as the “Dogecoin killer,” gained attention for its unique approach of donating 50% of its total supply to Vitalik Buterin, the Ethereum creator. The token surged by over 300% within a month, rivaling Dogecoin’s frenzy in early 2021. It even rivaled Ethereum’s trading volume in October 2021.
Vitalik Buterin’s donation of over 50 trillion SHIB to charity and subsequent burn of 90% of his remaining tokens removed a significant portion from circulation. Despite a decline post-peak in 2021 and a quiet 2023, recent trends show a resurgence for SHIB. Its price has soared by 220.5% on the 14-day charts and nearly 250% over the past month, with a 223.3% increase since March 2023.
The recent Bitcoin rally gave Shiba Inu a 250% surge in price. In addition, SHIB wielded a market cap of $24.4 billion as of March 5.
However, SHIB’s substantial supply remains a challenge. A potential solution could involve a burn similar to Buterin’s in 2021, sparking another rally akin to 2021’s frenzy. According to the Shibburn X account, the past two weeks have seen a total of 14,238,113,469 SHIB tokens burned, marking a 6,478.69% increase in the weekly burn rate.
Key metrics
Dogecoin surpasses Shiba Inu in several metrics, the most significant being market cap, $25 billion against $20 billion, respectively. Another one is the number of holders in profit. For Dogecoin this is 46.94%, while for SHIB it is 27.11%.
Shiba Inu bested DOGE in the price surge: 230% against 112%. In addition, Shiba Inu kicked off March with a bang, attracting over 8,400 addresses to peak at 21,000 daily new addresses, about 20 times the daily average in February. Shiba Inu’s total addresses have also hit a new record at 3.88 million.
In another metric, SHIB’s aggregated daily volume has neared the $600 million mark, a 200% surge compared to the figures observed on March 11. In comparison, Dogecoin (DOGE) has witnessed a more modest increase of approximately 92%.
Another important indicator to mention is the correlation with Bitcoin. Generally, meme tokens are closely tied to Bitcoin’s performance, with their value often mirroring that of the broader cryptocurrency market. Shiba Inu has a 0.93 correlation index, while Dogecoin has 0.83.
Volatility is the biggest problem for meme coins, and here we see SHIB overpassing DOGE as well.
Although these metrics change constantly, the market data indicates strong competition between the two major meme coins. Overall, the two meme coin giants will most likely go toe to toe in the future.
The sell the fact play is continuing as traders are still digesting the BOJ monetary policy decision earlier here. But quite frankly, we’ve had plenty of time to take it all in after the numerous leaks over the past week. And that sort of explains what we’re seeing today.
Yes, the BOJ has decided to end negative rates. However, it is merely moving short-term rates from -0.10% to between the 0.00% to 0.10% range. Yes, the BOJ has decided to scrap yield curve control. However, they are still maintaining JGB purchases and will step in where necessary if yields run too high, too fast.
Besides that, they also didn’t offer any forward guidance about future policy steps and the pace of normalisation. That’s a red flag to me and smells like they are going to approach it very, very slowly.
Meanwhile, with Treasury yields continuing to hang at the highs for the year, it is making it tough to find a compelling reason for USD/JPY to gather much downside momentum currently.
For now, buyers are in control as the pair runs into resistance and offers around the 150.00 mark. Thereafter, key resistance lies at the February highs around the 150.84-88 region before potentially revisiting the November high at 151.90. Those will be key upside levels to watch at the moment for USD/JPY.
